Chicago Tribune (10/10/08)
Wells Fargo will acquire the entire operations of Charlotte-based Wachovia, including a mortgage portfolio that is expected to generate $74 billion of write-downs and losses. "The opportunities the franchise brings to us over time more than compensates for those losses," Chairman Richard Kovacevich said after announcing the deal. San Francisco-based Wells Fargo submitted a bid of $15 billion for Wachovia after Citigroup sought to purchase part of its banking operations for $2.2 billion. Citigroup said it would not interfere with the Wells takeover but did indicate that it would sue for $60 billion in damages due to breach of contract.
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